Revenue Management Strategies (Ep592)
Summary
This interview with a revenue management expert discusses strategies for optimizing revenue in short-term rentals, including the importance of competitive analysis and creating effective CompSets. Hosts should focus on understanding opportunity revenue and utilizing tools to track and compare their performance against competitors.
Key Insights
- •Opportunity revenue is the potential revenue a host is missing out on compared to their competitors. It's an important metric to track, especially when the overall market might be down.
- •The speaker advises using CompSets of 5-25 comparable properties to assess your own performance. They recommend adjusting the comp set every quarter.
Action Items
- ✓Create and regularly review a CompSet to understand competitor performance.Effort: mediumImpact: medium
- ✓Analyze your competitors' occupancy and rates, as well as your own to determine if you can raise prices on certain dates.Effort: lowImpact: medium
Tools & Resources
- →VRMA Conference: The article mentions VRMA conference.
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